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ADB breaks own Canadian dollar record


Asian Development Bank on Wednesday sold its first bond in Canadian dollars this year, which was also its largest print in the currency on a single visit.

The supranational raised C$500m ($401.4m) with a June 2020 note, after aiming for a minimum target of C$300m.

Leads HSBC and TD Securities priced the deal at mid-swaps plus 1bp, matching guidance exactly.

The trade comes shortly after KfW took C$750m out of the market on May 28 with a 2020 tap.

“ADB saw the Canadian dollar market was strong after KfW tapped it last week, so it decided to bring a new issue,” said a syndicate official at one of the leads. “ADB did not come last week because it had a dollar deal out.”

Central banks dominated Tuesday’s trade, taking 68% of the paper. Bank treasuries took 26% and fund managers 6%.

Asian investors took 43% of the allocations and investors from EMEA took 37%. Buyers in the Americas, including Canadian real money accounts, bought the rest.

The deal is the largest volume ADB has raised in a single visit to the currency, according to a banker on the mandate.

The supranational last printed in Canadian dollars in September 2014, when it raised C$400m with a seven year.

Sole lead TD Securities priced that deal — the issuer’s first in over seven years — at mid-swaps plus 4bp.

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